- The Washington Times - Tuesday, April 14, 2009

NEW YORK (AP) - Juniper Networks Inc. Chief Executive Kevin Johnson received a compensation package for 2008 valued at $36.1 million, according to an Associated Press analysis of figures released in a filing last week. Much of Johnson’s pay, however, came in the form of stock options that are of little value with Juniper’s share price in a slump.

Johnson, who joined the networking equipment maker in September after leaving Microsoft Corp., received $1.5 million as the first annual installment of a $5 million signing bonus. His base pay for the remainder of the year came to $251,515 and he drew a $344,000 performance-based bonus.

Additionally, he received $34,739 in other compensation, primarily for relocation costs and insurance premiums.

He received a mix of stock grants and options totaling roughly $34 million. But about $16 million worth of options were granted in September when Juniper shares traded at $26.90. The stock has since dropped, trading Tuesday around $18.30, meaning the options are of little worth.

The remaining $18 million, also granted in September, is a stock award contingent on meeting specific performance goals.

The AP’s total pay calculations include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

Johnson, who succeeded former CEO Scott Kriens, joined Juniper after more than 15 years at Microsoft. From 2005 to 2008 he was in charge of Microsoft’s Windows operating system and Web operations. And he played a large role in the company’s failed bid to acquire Yahoo.

Juniper, based in Sunnyvale, Calif., saw its profit climb 42 percent in 2008 on sales of $3.57 billion.

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